News and Tribune

Business/Money

October 12, 2012

Administration talks the state of Jeffersonville economy

Mayor says business boon will be launched by Big Four Bridge

(Continued)

JEFFERSONVILLE — Finding funding

To pay for all of the projects the city has planned, Moore has previously stated, and reiterated Friday, that he does not plan to seek loans. Instead, the plan is to use Tax Increment Finance money and state and federal grant funds to pay for the projects.

Moore offered up a six-year plan to fund 10 projects using the TIF funds at a city council meeting earlier this year. The total expense for the 10 projects was $38 million.

Although he insists the city will be able to cover the project expenses with TIF funds, Moore added “you don’t do it unless you have it.”

Among the projects slated for work in the next two years are Big Four Station at $3 million, Vissing Park at $3.5 million, Falls Landing Park at $2.5 million and the downtown marina project at $1.5 million.

“All of the projects, except for the bike and hike [trail] are one-time things,” he said.

Reconstruction of 10th Street in Jeffersonville — estimated at $12 million — was another project that Moore listed as a priority, but the project is not set to break ground until 2015.

Money previously dedicated from the Parks Department to the Vissing Park project may be moved to a road project near Veterans Parkway. Moore said he talked to six city council members that were in agreement to shift the money to Veterans Parkway, because if the city builds an additional access road it may land another “large company” along the corridor.

“There is a large company that has shown some strong interest and one of the issues they have is they would like to see another road access between Veterans and Charlestown-New Albany Road,” he said. “If it takes us building that road for them, we’re going to build that road.”

Moore did not offer what company may be interested in locating at the site.

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